The Dow Chemical Co. (NYSE: DOW) has closed on the acquisition of ExxonMobil Chemical Co.’s ownership share of Univation Technologies LLC, previously a 50/50 joint venture with Dow.

In October 2014, Dow and ExxonMobil announced jointly the signing of a definitive agreement to restructure the ownership of Univation Technologies, LLC. This transaction was a collaborative decision between Dow and ExxonMobil and aligns to Dow’s strategic focus on investing in businesses with strong competitive positions in attractive markets.

“Dow is continually evaluating opportunities to enhance the value created through our joint ventures, including preferentially investing in select, high-growth businesses that grow our participation in targeted end-markets,” said Dow’s vice chairman of business operations James Fitterling. “Univation Technologies will add significant value to Dow’s plastics portfolio, as the leading technology licensor to the worldwide PE industry.”

Univation Technologies is the licensor of UNIPOL PE Process Technology and the leader in the development, manufacture and sales of PE catalysts for the UNIPOL PE Process. Univation Technologies will continue to license its UNIPOL PE Process Technology, including swing capability for linear low density polyethylene and high density polyethylene. Additionally, Univation Technologies will continue to develop and supply all catalysts, including: UCAT Conventional, ACCLAIM Advanced Unimodal, XCAT Metallocene, and PRODIGY Bimodal Catalysts.

Univation Technologies will operate as a wholly-owned subsidiary of Dow, led by president Steve Stanley. Univation Technologies will continue to be based in Houston.

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